A Comprehensive List of What’s Changing on the 2018 FRM Exam

The Global Association of Risk Professionals (GARP), which bestows the Financial Risk Manager® credential, regularly updates its curriculum to ensure FRM candidates are tested on the latest financial risk and analysis methods.

This year sees notable changes to both Part 1 and Part 2 of the FRM curriculum. To help you fully prepare for the FRM exam, Wiley has provided a line-by-line comparison of the 2018 and 2017 curriculum.

Updates to 2018 FRM Curriculum – Part 1


There are relatively few changes to the FRM Part 1 curriculum.

Updated Book Version:

As a result of this update, some of the Learning Outcome Statements tied to this reading have been adjusted.

Download the full 2018 FRM Part 1 curriculum (PDF)

Updates to 2018 FRM Curriculum – Part 2

Candidates taking Part 2 of the FRM examination in 2018 will see the biggest changes from 2017 with two new readings and five extensive revisions.

New Readings
Two readings were completely rewritten and are new for 2018:

Five readings were revised for 2018:

  1. Counterparty Risk [CR-9]
  2. Netting, Close out and Related Aspects [CR-10]
  3. Credit Exposure and Funding [CR-12]
  4. Default Probabilities, Credit Spreads and Funding Costs [CR-14]
  5. Credit and Debt Value Adjustment [CR-15]

Download the full 2018 FRM Part 2 curriculum (PDF)